THE TRANSFER PROCESS

1. The sale agreement is signed and presented to the transferring attorneys. The transferring attorneys will send out initial letters to both seller and buyer and call for FICA documentation
2. The bond is approved and the bond attorneys are appointed by the bank. The transferring attorneys will call for the existing bond cancellation figures to settle the existing bond together with the rates figures from the council. The transferring attorneys will draft the necessary documentation for signature by the seller and buyer respectively.
3. The transferring attorneys will use the bond cancellation figures and send the necessary guarantee requirements to the bond attorneys. The bond attorneys will prepare their bond documents and guarantees accordingly. The guarantees will ensure that the existing bond is paid together with the bond cancellation fees and the remaining balance to then be paid to the transferring attorneys.
4. The seller and buyer are called for signature at the transferring and bond attorneys respectively. The purchaser is usually called at this stage to pay the transfer and bond costs. The guarantees are then provided to the transferring attorneys who will in turn provide same to the bond cancellation attorneys to ensure that there is enough money to settle the existing bond.
5. The transferring attorneys will ensure that the rates figures are paid and will collect the rates certificates together with paying the SARS transfer duty to collect the required receipt.
6. Preparing for lodgment: The three sets of attorneys will arrange for lodgment in the respective deed’s office.
7. In the deed’s office, the documents will be examined by three examiners. Once all three examiners are satisfied with the documents the matter will come up for prep which in essence means the property is ready for registration and the attorneys will be provided a 5 day period to effect registration. On the day of registration, the existing bond is cancelled, and the purchaser becomes the owner of the property with a new bond registered over the property. The transferring attorneys will now pay the estate agent and seller the proceeds of the sale and finalise the account.